DALLAS-Continuing a disposition of assets that during the past two months saw the sale of nine apartment properties across the Southeast for $316 million, New York City-based Tarragon Corp. has sold the Park Dale Garden apartment complex in Dallas to PDG Apartments LLC of Torrance, CA. The price for the 224-unit property at 9701 Dale Crest Dr. was not released, but the buyer obtained an acquisition loan of $3.8 million.

“This was the buyer’s first purchase in Texas,” says Patrick Short, a loan officer in the Austin office of BMC Capital, which originated the loan. “We were able to arrange a 10-year fixed rate amortized over 30 years with only a five-year declining prepayment penalty to provide more flexibility in their hold strategy.”

Built in 1974, Park Dale Garden has a mix of one- and two-bedroom units from 620 sf to 1,176 sf. Rents range from $499 a month for the smallest one-bedroom, one-bath unit to $650 for a two-bedroom, two-bath unit with den. Amenities include clubhouse, access gate, on-site laundry, night security patrol, swimming pool, playground and disability access. The complex is about 90% leased. The buyer plans to raise rents and make moderate interior and exterior improvements.

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